General Dynamics

Electric Boat (EB), in Groton, Connecticut, was started in 1899 and acquired by GD in the 1960s.  Bath Iron Works (BIW), in Bath, Maine, was started in 1833 and acquired by GD in September 1995.  GD combined  BIW with EB and its AMSEA ship operating operation in a new division called GD Marine Systems, starting in 1996.  National Steel and Shipbuilding Company (NASSCO) in San Diego, California, was started during WWII and acquired by GD in October 1998.

GENERAL DYNAMICS 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
  mm $ mm $ mm $ mm $ mm $ mm $ mm $ mm $ mm $ mm $ mm $ mm $ mm $ mm $
Net Sales 4,081 4,612 5,374 8,959 10,356 12,163 13,829 16,369 19,178 21,124 24,063 27,240 29,300 31,981
Operating Margin 403 501 582 1,203 1,329 1,485 1,582 1,445 1,941 2,197 2,625 3,113 3,653 3,675
Operating Margin (%) 9.9% 10.9% 10.8% 13.4% 12.8% 12.2% 11.4% 8.8% 10.1% 10.4% 10.9% 11.4% 12.5% 11.5%
Net Income 290 338 380 880 901 943 917 1,004 1,227 1,461 1,856 2,072 2,459 2,394
Net Income (%) 7.1% 7.3% 7.1% 9.8% 8.7% 7.8% 6.6% 6.1% 6.4% 6.9% 7.7% 7.1% 8.4% 7.5%
Total Assets 3,999 4,791 4,572 7,774 7,987 11,069 11,731 16,183 17,544 19,591 22,376 25,733 28,373 31,077
Stockholders' Equity 2,014 2,215 2,219 3,170 3,820 4,528 5,199 5,921 7,189 8,145 9,827 11,768 10,053 12,423
Property, Plant and Equipment 541 692 698 1,169 1,294 1,768 1,856 2,060 2,169 2,125 2,168 2,472 2,872 2,912
Depreciation 77 101 135 129 145 171 179 205 232 241 251 278 301 344
Capital Expenditure 85 93 167 197 288 356 264 222 266 279 334 474 490 385
Employees 28,600 34,500 35,700 43,400 43,300 51,700 52,000 65,600 70,200 72,200 81,000 83,500 92,300 91,700
Net Sales/Employee 142,700 133,700 150,500 206,400 239,200 254,800 265,900 275,700 282,800 299,400 297,100 329,400 317,400 346,500
Shipbuilding Unit                            
Net Sales 2,832 2,861 3,070 3,088 3,413 3,612 3,650 4,271 4,726 4,695 4,940 4,993 5,556 6,363
Operating Margin 266 289 325 328 324 310 287 216 292 249 375 421 521 642
Operating Margin (%) 9.4% 10.1% 10.6% 10.6% 9.5% 8.6% 7.9% 5.1% 6.2% 5.3% 7.6% 8.4% 9.4% 10.1%
Total Assets 1,506 1,406 1,421 1,431 1,613 1,731 1,933 2,181 2,092 2,202 2,347 2,243 1,989 2,512
Depreciation 50 44 49 51 52 52 60 61 60 59 57 57 60 71
Capital Expenditure 28 38 88 101 132 119 81 38 33 64 40 130 126 85
Employees 20,300 17,500 17,800 20,300 19,600 18,900 19,400              
Net Sales/Employee 115,000 132,000 150,000 152,000 174,000 191,000 188,000              
Shipbuilding Proportions                            
Net Sales 69.4% 62.0% 57.1% 34.5% 33.0% 29.7% 26.4% 26.1% 24.6% 22.2% 20.5% 18.3% 19.0% 19.9%
Operating Margin 66.0% 57.7% 55.9% 27.3% 24.4% 20.9% 18.1% 14.9% 15.0% 11.3% 14.3% 13.5% 14.3% 17.5%
Total Assets 37.7% 29.3% 31.1% 18.4% 20.2% 15.6% 16.5% 13.5% 11.9% 11.2% 10.5% 8.7% 7.0% 8.1%
Depreciation 64.9% 43.6% 36.3% 39.5% 35.9% 30.4% 33.5% 29.8% 25.9% 24.5% 22.7% 20.5% 20.0% 20.6%
Capital Expenditure 32.9% 40.9% 52.7% 51.3% 45.8% 33.4% 30.7% 17.1% 12.4% 22.9% 12.0% 27.4% 25.7% 22.1%
Employees 98.3% 67.8% 68.6% 53.0% 55.4% 36.6% 36.5%              
Net Sales/Employee 70.6% 91.5% 83.2% 65.0% 59.5% 75.0% 72.2%              

 

Electric Boat (1985-1994)

 

Data Extracted from the Company's 10-Ks ($mm)

Other Interesting Data

Year

Revenue

Operating Profit

Total Assets

Property, Plant & Equipment

Annual Dep'n

Cum. Dep'n

Cap Ex

Number of Employees

Revenue per Employee

Profit as a % of Revenue

Asset Turnover

Cap Ex per Employee

1985

1,645

163

542

N/A

34

N/A

52

24,400

67

9.9%

3.04

2.14

1986

1,659

175

545

N/A

38

N/A

38

24,527

68

10.5%

3.04

1.56

1987

1,603

106

545

N/A

40

N/A

39

19,808

81

6.%

2.94

1.98

1988

1,548

36

552

N/A

41

N/A

54

23,220

68

2.3%

2.81

2.34

1989

1,679

41

560

N/A

43

N/A

58

22,500

75

2.4%

3.00

2.58

1990

1,731

85

548

N/A

47

N/A

40

22,247

78

4.9%

3.16

1.80

1991

1,803

89

401

N/A

41

N/A

14

18,001

100

4.9%

4.50

0.78

1992

1,730

94

421

N/A

27

N/A

5

19,222

90

5.4%

4.28

0.26

1993

1,711

124

387

N/A

24

N/A

4

17,912

96

7.2%

4.42

0.22

1994

1,678

173

365

N/A

20

N/A

6

16,618

101

10.3%

4.60

0.36

Bath Iron Works (1991-1995)

Data Extracted from the Company's 10-Ks ($mm)

Other Interesting Data

Year

Revenue

Operating Profit

Total Assets

Property, Plant & Equipment

Annual Dep'n

Cum. Dep'n

Cap Ex

Number of Employees

Revenue per Employee

Profit as a % of Revenue

Asset Turnover

Cap Ex per Employee

1991

790

50

N/A

N/A

N/A

N/A

N/A

15,000

53

6.3%

N/A

N/A

1992

821

60

N/A

N/A

N/A

N/A

N/A

13,500

61

7.3%

N/A

N/A

1993

872

44

N/A

N/A

N/A

N/A

N/A

12,500

70

5.0%

N/A

N/A

1994

893

50

N/A

N/A

N/A

N/A

N/A

11,500

78

5.6%

N/A

N/A

1995

830

48

N/A

N/A

N/A

N/A

N/A

10,500

79

5.8%

N/A

N/A

NASSCO (1991-1997)

Data Extracted from the Company's 10-Ks ($mm)

Other Interesting Data

Year

Revenue

Operating Profit

Total Assets

Property, Plant & Equipment

Annual Dep'n

Cum. Dep'n

Cap Ex

Number of Employees

Revenue per Employee

Profit as a % of Revenue

Asset Turnover

Cap Ex per Employee

1991

300

(12.0)

N/A

N/A

N/A

N/A

N/A

4,000

75

(4.0%)

N/A

N/A

1992

320

(10.0)

N/A

N/A

N/A

N/A

N/A

3,500

91

(3.1%)

N/A

N/A

1993

584

7.0

N/A

N/A

N/A

N/A

N/A

4,000

146

1.2%

N/A

N/A

1994

480

6.0

N/A

N/A

N/A

N/A

N/A

5,100

94

1.3%

N/A

N/A

1995

500

N/A

N/A

N/A

N/A

N/A

N/A

5,500

91

N/A

N/A

N/A

1996

500

N/A

N/A

N/A

N/A

N/A

N/A

5,500

91

N/A

N/A

N/A

1997

550

N/A

N/A

N/A

N/A

N/A

N/A

5,500

100

N/A

N/A

N/A

Other Interesting Data (1995-2004)

The figures for 1995 include three months of BIW's results.  The figures for 1998 include two months of NASSCO's results.  The figures marked with an asterisk are estimated.  In 2003, the revenue figures were restated by product line rather than business center.

Data Extracted from the Company's 10-Ks ($mm)

Year

EB

BIW

 NASSCO

AMSEA

Total Revenue

Operating Profit

Total Assets

Annual Dep'n

Cap Ex

1995

1,567

246

  

71

1,884

194

935

23

8

1996

1,443

791

  

98

2,332

216

806

40

18

1997

1,321

839

  

151

2,311

234

706

34

28

1998

1,381

936

 65*

284*

2,666

285

1,421

40

79

1999

1,460

1,021

 403

204

3,088

328

1,431

51

101
2000 1,831 930 337 315 3,413 324 1,613 52 132
2001 1,964 940 708   3,612 310 1,731 52 119

Year

Submarines

Surface Combatants

 Auxiliaries / Commercial

Repair and Other

Total Revenue

Operating Profit

Total Assets

Annual Dep'n

Cap Ex
2000 1,741 923 364 385 3,413 324 1,613 52 132
2001 1,852 935 394 431 3,612 310 1,731 52 119
2002 2,030 852 325 443 3,650 287 1,933 60 81
2003 2,256 973 421 621 4,271 216 2,171 61 38
2004 2,432 1,002 576 716 4,726 292 2,092 60 33

 

Other Interesting Data (* indicates an estimated figure)

Year

EB

BIW

 NASSCO

Total Employees

Revenue per Employee

Profit as a % of Revenue

Asset Turnover

Cap Ex per Employee ($)

1995

15,100

8,300

  

23,400

110,000

10.3%

2.0

500

1996

12,800

7,500

  

20,300

115,000

9.3%

2.9

900

1997

10,300

7,200

  

17,500

132,000

10.1%

3.0

1,600

1998

10,000

7,100

 4,000

21,100

150,000

10.7%

1.9

4,400

1999

9,700

7,000

 3,600

20,300

152,000

10.6%

2.2

5,000
2000 9,400 6,900 3,300 19,600 174,000 9.5% 2.1

6,700
2001 9,200 6,800 2,900 18,900 191,000 8.6% 2.1

6,300
2002 9,800 6,500 3,100 19,400 188,000 7.9% 2.0

4,200
2003 9,900* 6,300* 3,200* 19,400* 220,000* 5.1% 1.9

2,000*
2004 10,000* 6,100* 3,300* 19,400* 244,000* 6.2% 2.3

1,700*